纸浆数据日报-20251222

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Pulp futures have been fluctuating wildly due to the tug - of - war between the "weak demand" reality and the "strong supply" expectation. It is recommended to be cautious and wait on the sidelines for unilateral trading, and a 1 - 5 reverse spread strategy is recommended for inter - month trading [7] Group 3: Summary Based on Related Content Price Data - Futures Price: On December 19, 2025, SP2601 was 5430 yuan/ton with a daily increase of 0.15% and a weekly decrease of 0.44%; SP2609 was 5522 yuan/ton with no daily change and a weekly decrease of 0.32%; SP2605 was 5507 yuan/ton with a daily increase of 0.11% and a weekly decrease of 0.51% [6] - Spot Price: On December 19, 2025, the price of coniferous pulp Silver Star was 5600 yuan/ton with no daily or weekly change; Knitted Russian Needle was 5250 yuan/ton with no change; Broadleaf pulp Goldfish was 4500 yuan/ton with no change [6] - Outer - disk Quotation: In December 2025, the outer - disk quotation of Chilean Silver Star was 700 dollars/ton, up 2.94% month - on - month; Brazilian Goldfish was 540 dollars/ton, up 1.89% month - on - month; Chilean Venus was 620 dollars/ton with no change [6] - Import Cost: In December 2025, the import cost of Chilean Silver Star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian Goldfish was 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 5073 yuan/ton with no change [6] Fundamental Data - Import Volume: In October 2025, the import volume of coniferous pulp was 69.1 tons with no change from September, and the import volume of broadleaf pulp was 131.8 tons, down 2.80% from September [6] - Domestic Output: As of December 18, 2025, the domestic output of broadleaf pulp was 25.2 tons, and that of chemimechanical pulp was 23.9 tons [6] - Inventory: As of December 18, 2025, the pulp port inventory was 199.3 tons, a decrease of 4.3 tons from the previous period and a 2.1% decrease; the futures delivery warehouse inventory was 9.9 tons [6][7] - Demand: The output of finished paper showed different trends. For double - offset paper, copper - plated paper, and white cardboard, the output had minor fluctuations, and the output of tissue paper also showed small changes [6] Supply and Demand Situation - Supply Side: Chile's Arauco Company's December coniferous pulp offer was 700 dollars/ton, up 20 dollars/ton; broadleaf pulp Star was 570 dollars/ton, up 20 dollars/ton; natural pulp Venus was 620 dollars/ton with no change. The international wood chip supply was tight and prices rose rapidly. APRIL and Bracel under the Golden Eagle Group raised the price of bleached broadleaf kraft pulp in Asia by 20 dollars/ton [6] - Demand Side: The demand side remained weak. The price of cultural paper among mainstream wood - pulp papers continued to decline, while tissue paper and white cardboard prices increased slightly [6]